SBI Cuts Interest Rates on Home Loans, Fixed Deposits
SBI Cuts Interest Rates on Home Loans, Fixed Deposits https://www.fundstiger.com/sbi-cuts-interest-rates/ India’s biggest bank State Bank of India or SBI has cut interest rates on fixed deposits or FDs, its second revision in about 15 days. SBI today lowered FD rates by 20-25 basis points. SBI also announced reduction in its MCLR by 10 bps across all tenors. The new rate of interest will come into effect from 10 September 2019. State Bank of India (SBI) on 9Sep19 announced a reduction in its marginal cost-based lending rate or MCLR by 10 basis points. It also lowered interest rates on term deposits across all maturities by up to 25 basis points. The move marked the fifth consecutive reduction in MCLR by the country’s largest bank so far this financial year. The cut in interest rates comes on the back of the Reserve Bank of India (RBI)’s 1.1 percentage point reduction in the repo rate – the key interest rate at which it lends short-term funds to commercial banks – so far this year...